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Home » Bitcoin Falls Below $50K Amid 17% Crypto Market Crash

Bitcoin Falls Below $50K Amid 17% Crypto Market Crash

Hania by Hania
August 5, 2024
in Bitcoin News
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Bitcoin Falls Below $50K Amid 17% Crypto Market Crash
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Bitcoin (BTC) has dipped below $50,000 for the first time since February, reaching a low of $49,351 before recovering to around $51,000. This decline is part of a broader market downturn that has seen the total cryptocurrency market capitalization drop by 17%, falling to approximately $1.76 trillion from a previous $2.16 trillion.

Crypto Market Faces Significant Setback

The cryptocurrency market has been hit hard, with Bitcoin’s dominance rising to 58% amid a sharp decline in altcoins and the stock market. This widespread downturn has resulted in a substantial loss of market value, affecting various digital assets.

Bitcoin Falls Below $50K Amid 17% Crypto Market Crash
Source: CoinMarketCap

Leveraged Positions and Ether’s Sharp Decline

In the early hours of August 5, Bitcoin’s price drop triggered a massive liquidation of leveraged long positions, wiping out $600 million. 

Bitcoin Falls Below $50K Amid 17% Crypto Market Crash
Source: TradingView

 

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Ether (ETH), the second-largest cryptocurrency by market value, also experienced a sharp decline, losing nearly 20% of its value within two hours. At the time of writing, ETH has recovered slightly to around $2,200 after hitting a low of $2,172.

Source: TradingView

Also Read: Crypto Ecosystem Lost $269M to Hackers in July, 87% Stolen in Single CeFi Hack

Tags: crypto newsMARKET CRASH
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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